What is payment protection insurance or PPI? You may not know exactly what PPI is – you should, because there is a fair chance that you have it (20m policies exist in the UK). What’s more, there’s a fair chance you were mis-sold it, and could reclaim your money back. As many as two million people may have been mis-sold policies since 2003. Payment protection insurance, or PPI, is the insurance that is sold alongside loans, credit cards, store cards and debt products like car finance agreements, that is supposed to cover the repayments if you can’t make them. If you can’t make the payments because of an accident or illness that means you can’t work, or if you are made redundant, PPI is supposed to step in and cover the payments for a period. So what’s the problem? how to write an article The problem is firstly that PPI bought from a lender is extremely poor value for money, with any potential benefits far outweighed by the huge cost. Secondly, PPI is very often sold to people that can never claim on it. The terms are tightly drawn so that most of the instances where people hope to claim are not covered. Most policies don’t pay if you are:- Self-employed- Retired Or stop work because of:- A medical condition you weren’t asked about – Stress or back problems Only one in five claims on PPI are successful. There has also been evidence of firms forcing customers to buy it, wrongly claiming it’s compulsory when it isn’t or refusing to give a quote without it. There are even cases where the insurance has been added without the permission of the customer.